Clause 9

by deleting the words “such adjustments as may be necessary to give effect to any direction given under section 19P” in subsection (1) and substituting the words “the deductions and adjustments in subsection (1A)”;

by inserting, immediately after subsection (1), the following subsections:“(1A) The deductions and adjustments for subsection (1) are as follows:

the deduction of intellectual property income derived from any qualifying activity or qualifying activities;

such adjustments as may be necessary to give effect to any direction given under section 19P.(1B) To avoid doubt, intellectual property income deducted under subsection (1) (read with subsection (1A)) remains chargeable to tax under the Income Tax Act.”; and

by inserting, immediately after subsection (2), the following subsection:“(2A) In subsection (2), a reference to allowances for capital expenditure incurred for the purposes of a qualifying activity excludes any such allowance that is attributable to or apportioned by the Comptroller to intellectual property income.”.